Career development loan

There has been a lot of talk about claiming/not claiming training fees. I have used a career development loan to pay for my TIC fees so I haven't as yet personally paid anything. I am not due to pay it back until I have finished my training. Would this then be a different scenario. Does any one know?

06-06-06 16:18:59

Re: Career development loan

Re: Career development loan

The rule is that you can only claim training costs if you have an income stream from the activity to which the training relates. As such, in theory you can't claim your training costs, even if you don't start paying your cdl until a future date when your income stream will hopefully be established.

However, if you have been working on a pink, you will have established an income stream however small, and your training costs for part 3 (usually the greater part of your overall training costs) will be allowable.

If you haven't been working on a pink, you are then theoretically banjaxed. If I were you, I would claim all my training costs in any event, and leave it up to the Revenue to raise the matter with you at some future date. I did, and when they said "you can't do that," I pointed out that had I been a limited company, not only could I claim all said training costs, but I could have purchased a tie, or scarf, or badge, or anything else by way of end of training celebration and I could have claimed for those things too. By pointing-out this inequality of treatment, the taxman agreed that I could claim 60% of my total training costs.

As you will be paying your cdl over a period of time, I'd put it into my accounts on a monthly (or whatever frequency) basis as a cost including any interest charged. Hope this helps, but I suppose that the thing to note really is that the taxman is open to negotiation.

Re: Career development loan

Re: Career development loan

I have just completed my first tax return with the tax office yesterday. They were very helpful.

I asked about career development loan, and if i could claim. firstly i was told no. But only if the training and cost of exams i took are necessary to the job i do. They have no other purpose than to do my job.

Which is obviously the case. I explained about the training and have to pass 3 exams. No other relevance but to do this job. Cant do the job without qualification. I had already started making repayments before i became self employed but managed to claim for 6 months worth of payments that i had made since registering as self employed.

Leanne

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